Advising On The Authorisation Requirements To Set Up A Branch Or Subsidiary In The UK
The Client’s Needs
The client is a (Re) insurance Managing General Agent (MGA) based in Italy with permissions to carry on insurance business in the UK under the Temporary Permissions Regime (TPR) on a freedom of service basis. The client wishes to continue trading in the UK after the TPR has expired. To do so it will require authorisation and a presence in the UK (branch or subsidiary). The client is already a Lloyds Coverholder writing reinsurance business for Lloyd’s Syndicates.
ICSR were engaged to:
- Advise on the application process to become authorised including what options are available to enter the UK market (branch or subsidiary);
- Advise on and assist with the application process;
- Advise on an appropriate governance and control structure.
ICSR provided advice on the application process, this included advising on the Regulatory Business Plan which will be used to help the client decide which route into the UK market is most suitable for their business. ICSR also advised on what supporting documentation the client will need to provide with their application and the control framework required to support the business after approval.
ICSR deployed a Director to provide the advice and a senior compliance consultant to offer compliance support.
The client has a clear understanding of the authorisation process and the options available to it. ICSR continue to assist the client with their application.